Set off and carry forward
This query is : Resolved
Sujit Kumar Singh
(Querist)
27 July 2013
Current Year
Loss from House property- Rs. 50,000/-
Income from capital gain- Rs. 40,000/-
Previous year loss-
Loss from sale of capital asset- Rs.20,000/-
Solution= Loss from House Property of Rs. 40,000/- will be set off against income from capital gain.
Loss from sale of capital asset of Rs. 20,000/- will be carried forward
Loss from House property of Rs. 10,000/- will be carried forward.
Please guide me- the above solution is correct.
Loss from House property- Rs. 50,000/-
Income from capital gain- Rs. 40,000/-
Previous year loss-
Loss from sale of capital asset- Rs.20,000/-
Solution= Loss from House Property of Rs. 40,000/- will be set off against income from capital gain.
Loss from sale of capital asset of Rs. 20,000/- will be carried forward
Loss from House property of Rs. 10,000/- will be carried forward.
Please guide me- the above solution is correct.
CA PARAS BAFNA
(Expert)
27 July 2013
Yes the above solution is correct.
First you have to set off current year's losses against the current income and you did the same.
First you have to set off current year's losses against the current income and you did the same.
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